The City, pursuant to Section 3 of Article XVIII, of the Ohio Constitution, is empowered to exercise all of the powers of local self-government. Sections 7 and 8 of that Article empower a municipal corporation to become a charter city. The General Assembly has recognized the existence of the power of local self-government with respect to investment of moneys of a municipal corporation by the enactment of legislation, specifically Ohio R.C. 135.01(L), which recognizes the right of a charter city to enact legislation which meets its own specific needs regarding the deposit, investment and management of public funds. Under the provisions of Chapter 192 of the Toledo Municipal Code, the only provisions of Ohio R.C. Chapter 135 which are applicable to the City, are Ohio R.C. 135.18(C) and Ohio R.C. 135.181(I). Implementation of the power of local self-government granted to a municipal corporation is to be found in Sections 10 and 129 of the Toledo City Charter, which empowers the City to exercise all such powers whether or not specifically enumerated in the City's Charter. The provisions of Chapter 192 are consistent with the authority granted by the Ohio Constitution and fulfill the City's requirement for a comprehensive banking and investment policy. Investments controlled by agreement heretofore or hereafter entered into with the Federal Government, investments made pursuant to agreement heretofore or hereafter entered into in connection with the sale of notes or bonds issued by the City and agreements for banking and investment services in effect on the date when this chapter is enacted shall be made or observed in accordance with the provisions of such agreements. Investments held in the City's Treasury investment account on the date this chapter becomes effective are not controlled by the provisions of Chapter 192. Such investments shall be maintained by the City until they mature, or are otherwise retired or are disposed of pursuant to the provisions of the sections of the Toledo Municipal Code under which they were purchased.
(Ord. 366-86. Passed 5-20-86.)